Morning journal and courier., 1887-11-30
DRY GOODS MERCHANTS WIND UP.
A Big Commission Firm Decide to Go
INTO Liquidation.

INTO Liquidation.
NEW YORK, Nov. 29-The well known
| firm of Brown, Wood & Kingman, dry goods
| commission merchants of New York, Boston,
Philadelphia and Chicago have gone into
| liquidation. The firm was one of the leading
houses of the United States, doing business
of $12, 900, 600 to s14, 0OO, 600 year, control
ling many large mills and supposed to have
! abundant capital for their immense trade.
The principal places of business of the firm
were at No. So Worth street, New York, and
81 Bedford street, Boston. They also had
stores in Philadelphia and Chicago. Early
in October rumors were circulated in the
trade in this city and Boston that the i'm
mense business of the firm was feeling the
effect of the stringency in the money market.
This had the effect of unsettling their credit
IN this market On October 10 Mr.. Wood of
the firm made the following statement to
Bradssreet's: "Our liabilities are in the shape
of endorsements and there is no paper out
not perfectly good with our name on it.
During the past six months our endorsements
have been reduced 81 600, 900 and during the
next three months a further reduction of $6,
DOC, 600 will be made as compared with the
amount year ago." Shortly after that date
the firm gave up four of their large mill ac-
counts and let them go to other houses. This
increased the rumors in the trade. These ae
counts were the Arlington mills,
dress goods; James Phillips, jr.,
woolens; Fitchburg worstsd mills
and the Royalston Worsted company. It was
reported in the trade that when these ac-
counts were transferred the commission
houses who received them accepted notes for
them to the extent of 81, 700, 600 and relieved
the firm of that amount of liability It is
aQiH of ha firm in
Boston for ten per cent. 1t was placed prin-
cipally by Boston firm and it is stated that
nearly every bank in New England has some
of it. There was meeting of the largest
creditors of the firm held in Boston about
the middle of November it is said, before
whom the firm placed q statement of their
condition showing liabilities So, SOC, 900 and
assets $10,00O,O00. 1t was understood at the
time that the Boston banks who are the 1arg-
est creditors expressed their readiness to ac-
commodate the firm again by an extension of
time if necessary. When the formal an
nouncement was made to-day that the firm
would go into liquidation and give up bust
ness there ne surprise in the trade as it
has already been discounted by the prevail
ing reports in circulation.
William L. Brown, one of the partners,
said to-day that it was true that the firm
was hquidating; that the entire business
would be wound up and that no new firm
would be formed. He thought it would re-
quire some months to close up. He said it
was not true that meeting of the creditors
had been held in Boston. The firm, he said,
had about So 000, 900 endorsements a while
ago, but large part of the paper had been
taken up and the rest would be taken care
of in a few days. The firm, he said, were
perfectly solvent and would have large
surplus when the business was wound up.
The firm had done about $12, 000, 900 business
a year. They had given up 100000 of
this business a few weeks ago, $4,000,00
had just gone and the balance of the accounts
would be placed in a few days.
The Renfrew & Freeman Manufacturing
company's accounts, said Mr.. Brown, had
been transferred to P. Won Valkenburg &
Co. and the Arlington mills to Harrington,
Colby Sc Co., the Phillips, Fitchburg and
Royalston accounts to Eoleberman & Co.
The Continental and Gilbert accounts have
not yet been placed. The firm was founded
on January 1, 1886, and the copartnership
was renewed on December 81, 1884, for five
years. The combined means of the firm were
estimated at $4,000, 900. The partners are
Levi L. Brown, about sixty-one years old;
William B. Wood, ffty-fye years old; A.
Willard Kingman, forty-eight years old;
Thomas S. Kingman, forty three years old;
Barton L. Kingman. thirty-eight years, and
William L. Brown, about thirty years old.
The mills in which the firm is interested are
said to be doing we'll and have ample prop
erty to take care of their liabilities.